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Colorado Homebuyer Programs
Net Admin • November 12, 2019
As leaders in the Colorado home loan space, we often hear from individuals who are interested in learning more about Colorado home buyer programs. We are always happy to answer questions and dispel common myths that keep potential homebuyers from pursuing the American dream. Let’s take a look at a very common myth:
Myth: 20% Down Payment Requirement
Many potential home buyers are under the impression that they have to be ready to put 20% on the purchase price to buy a home. This could not be further from the truth. In fact, there are some conventional loan options available that require as little as a 3% down payment and FHA loans only require 3.5%.
CO Homebuyer Programs
Even with conventional and FHA loans, there are additional options available through certain non-profit agencies. These organizations can assist with down payments and/or closing costs. Of all of the Colorado homebuyer assistance programs, the two most notable are:
Colorado Housing and Finance Authority (CHAFA)
The Colorado Housing and Finance Authority is committed to strengthening the community by helping residents find resources to assist with homeownership, affordable rent and much more. Learn more about CHAFA.
Colorado Housing Assistance Corporation (CHAC)
Founded in 1982, CHAC’s mission is to help make homeownership available to those with low to moderate incomes. Learn more about CHAC.
In addition to these two programs, there are many others offered through counties and municipalities which can be paired with the offerings from CHAFA and CHAC.
What You Need to Know
All of these programs come with a host of limitations and requirements. In order to navigate the application process, you will need to work with a lender that is very familiar with these programs and understands the nuances of each. These lenders will be able to help you understand the wide variety of requirements and limitations set forth by each individual program. Requirements which can include:
- Maximum income requirements
- Purchase price caps
- Residency requirements
- Timeframe of living on the property requirements
Still have questions. Get all the details from home loan expert and CO homebuyer program specialist Brett Popish:
Popish Mortgage
At Popish Mortgage we are proud to offer a wide variety of first-time homebuyer and down payment assistance programs. If you are ready to learn more and explore the options available to you, we encourage you to contact us today! Allow us to put our extensive knowledge to work for you!
Brett is a native to Colorado, being born and raised in the Denver Metro Area. Growing up, he learned the value of financial responsibility and gravitated toward an industry that allows him to counsel and coach clients about financial goals as it relates to Real Estate. Brett joined the lending industry in 2003. Throughout his career he has helped many families achieve their goals and dreams of home ownership. From First Time Home Buyers to Real Estate Investors, Brett has the knowledge and experience to tailor loans to your unique and specific situation. Working with Brett and Prosper Mortgage Group, LLC, you can rest assured your loan is in great hands with professionals that deal with this daily. Customer service, honesty, and integrity have set him apart from his competition while keeping his focus on the Clients’ best interest, determining the best possible loan for each individual situation, & helping them achieve their goals and dreams of homeownership! Through these principals, Brett has built a very successful career basing much of his business on the referrals of past clients as well as the Real Estate Professionals that he works with. Brett relies on personal responsibility, accountability, and mental toughness in his daily life and is a huge advocate of the 75 Hard / Live Hard program as well as personal development. NMLS 253202 CO MLO 100015587 Prosper Mortgage Group, LLC NMLS 2490880 Equal Housing Lender Inside Westminster is proudly sponsored by: Prosper Mortgage Group—helping you Own Your Future. NMLS #2490880 | Equal Housing Lender I 303.668.5891 I www.prospermortgagegroup.com Westminster Chamber 303.961.5975 www.westminsterchamber.biz
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